Equity Markets Advisory Content

On 4 April, the International Organization of Securities Commissions (IOSCO) published a consultation report on the evolution of exchange operation, governance, and business models.[1] IOSCO describes exchanges as "lynchpins of the financial system"[2] with the focus of the report...

On 17 April, the Financial Stability Board (FSB) published a consultation on liquidity preparedness for margin and collateral calls. Comments are due 18 June 2024. This memorandum provides an overview of the Consultation.

On 15 April, ICI Global responded to three consultations from international standard setters on enhancing margin practices. These responses are summarised in this memo.

Late last year, the Securities and Exchange Commission adopted final rules under the Securities Exchange Act of 1934 to improve the governance of clearing agencies registered with the Commission by reducing the likelihood of that conflicts of interest may influence the board of...

On March 27, three SEC divisions issued notices relating to the upcoming May 28, 2024 implementation of the T+1 standard settlement cycle under Rule 15c6-1. First, the Divisions of Trading and Markets and Investment Management issued a FAQ that responds to questions about the standard...

On Wednesday, March 6, the SEC adopted a final rule to update the execution quality disclosures required for market centers under Rule 605 of Regulation NMS. The SEC has stated that the amendments are meant to "provide individual investors, institutional customers, and broker-dealers...

On March 14, 2024, the ICI submitted a comment letter in support of the proposed amendments to the National Market System (NMS) Plan to Address Extraordinary Market Volatility (the "Plan") at issue in the SEC's order instituting proceedings to determine whether to approve or...

ICI has filed the attached comment letter to the SEC on the revised CT Plan proposal submitted by the SROs.

On February 14, the Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published Streamlining variation margin in centrally cleared markets - examples of effective practices...

On February 6, 2024, the Securities and Exchange Commission (SEC or "Commission"), on a 3-2 vote, adopted new rules ("Final Rules") that further define the phrase "as part of a regular business," as used in the definitions of "dealer" and "government securities dealer" under Sections...